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How was the ~800% interest rate calculated? $245 / $35.18 = 696% daily interest rate, which annually is ... well, it's incomprehensibly huge. Anyway, overdraft
by apowell 17y ago
How was the ~800% interest rate calculated? $245 / $35.18 = 696% daily interest rate, which annually is ... well, it's incomprehensibly huge.
Anyway, overdraft fees aren't loans, they're fees, so it doesn't make a whole lot of sense to think in terms of the APR.
I will agree with this -- that sort of transaction sorting is a terribly nasty business practice.
Will any banks simply deny the charge if you don't have the funds? That's what I'd prefer.
- deleted 17y ago[deleted]
- jrockway 17y agoING Direct does. I know you can simply ask other banks and they will disable the ability to overdraw your account. These fees are just to get some money from the people that are too lazy / ignorant to read the fine print.
- breck 17y agoPayPal does.
- hop 17y agoDid it on a simple calculator. I'll change it to 7 hundo if thats right.